Spring 2021 Investment Commentary

2025 delivered another strong year for diversified investors, but it was far from straightforward. Markets navigated sharp policy-driven drawdowns, shifting leadership, and an evolving macro backdrop, yet ultimately advanced on the strength of earnings growth, improving global participation, and supportive financial conditions

The economic picture is complicated: growth has held up surprisingly well, inflation remains above target, and political developments are adding uncertainty. Rather than highlighting a single storyline, we believe it is more helpful to step back and consider the full set of forces that shape the outlook.

Q2 brought a welcome mix of diminishing tariff tension, positive earnings surprises, resurgent AI enthusiasm, resilient consumer data, and a series of cooler-than-expected inflation prints